ZURICH (Reuters) – Eric Varvel, chairman of Credit Suisse’s investment bank, is leaving the Swiss group where he was worked for three decades, a staff memo, seen by Reuters and confirmed by the bank, said.
“Following Eric’s departure, James Walker has been appointed CEO ad interim of Credit Suisse Holdings (USA), Inc,” the memo from Chief Executive Thomas Gottstein said.
The memo gave no reason for Varvel’s exit. The Financial Times had reported last week that he was in talks to leave, owing partly to disagreement with Credit Suisse’s new chairperson, Antonio Horta-Osario.
“I speak for us all when I say we appreciated Eric’s optimism, his leadership and his winning attitude. He has developed remarkably durable and deep relationships with colleagues and clients alike,” Gottstein wrote in the memo.
“Based on a great many conversations with Eric, I know the difference he made for this institution, its people and our clients over the years.”
(Reporting by Oliver Hirt. Writing by Michael Shields. Editing by Jane Merriman)
